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A Risk Premium Group formed to provide the broadest insurance coverage
available, at the lowest possible cost, through mass purchasing mechanics.
This is a group program with a MASTER policy being issued and administrated
by BROWN & BROWN of DENVER. The named insured
includes NATIONAL HANGAR OWNERS ASSOCIATION, and YOU, when so certificated
by application and payment of premium. A certificate of insurance is issued
by the administrator, with copy(s) mailed to the Airport Authority where
your hangar is located, and to any lending institution (if any) designated
by you. The hangar must be located on FAA approved airport and used for
personal storage of aircraft.
Two
general categories of insurance coverage are available:
A. 1. HANGAR OWNERS LIABILITY (Excludes all commercial use except hangar
rental) Hangar rental acceptability depending upon number of units owned.
A basic liability policy covering the ownership elements relating to the
exposure of
Owners, Landlords and Tenants Liability. Limit is $1,000,000. And includes
$1,000 Medical Expense.
2. HANGAR KEEPERS LEGAL LIABILITY
The legal responsibility imposed by law for the damage to aircraft owned by
others and in your care, custody or control.
Available limits $75,000 (each aircraft) and $150,000 (each occurrence).
B. 1. HANGAR BUILDING - PHYSICAL DAMAGE
/ INCLUDING UP TO $30,000 FLOOD LIMIT
Flood limit based on insured value selected. Maximum Flood available:
$30,000.
The policy form is a "Special Form", subject to a $1,000
deductible. Policy
Coverage is provided on a REPLACEMENT COST basis, which requires full
insurance to value.
The manufacturer of the hangar can assist you in determining the current
replacement value. Maximum building value under this program is $200,000.
Coverage is available outside the program for higher values.
2. HANGAR
CONTENTS - PHYSICAL DAMAGE
Coverage does not apply to Aircraft, vehicles, etc.
The same perils and conditions apply to contents as to the hangar structure
except the peril
of Flood is excluded for contents. Deductible remains at $1,000.
3. HANGAR
- LOSS OF RENTAL INCOME
The same perils and conditions apply to this section of coverage, as to the
hangar structure, including
Deductible based on equation of ¼ monthly limitation.
Premiums developed are based on the master policy effective
dates of January 1st through December 31st each year.
Liability premiums are FULLY EARNED and non-refundable or discountable.
Adjustments on Hangar Physical Damage only, whether added, deleted or
canceled are subject to the following:
AFTER APRIL 1 – multiply
the physical damage premium by 80%
AFTER JULY 1 – multiply the
physical damage premium by 65%
AFTER OCT 1 – multiply the
physical damage premium by 50%
If coverage is elected after January 1st the
expiration date will remain December 31st of the same year due
to master policy effective dates.
Coverage not available in Vermont, Alaska or Hawaii.
Please contact the Aviation Department for acceptability
or to obtain an application for coverage.
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